Rights as assets: section 21(1) Taxation of Chargeable Gains Act 1992

Section 21, subsection (1) provides that ‘all forms of property’ shall be assets for capital gains purposes including, inter alia, ‘incorporeal property generally’. This means that the term ‘assets’ includes items of property that have no material existence. These are generally referred to as ‘intangible assets’.

The courts have concluded that as an asset must be a ‘form of property’, an intangible asset must have the following characteristics:

it must be something which is capable of being owned and

its value must be capable of being realised.

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